Send Money to US from Portugal

When it comes to sending money from Portugal to the US, ensuring you get the best EUR-USD exchange rate is key to minimizing transfer fees and maximizing the amount received by the recipient. Whether you’re sending money for family support, paying for services, or simply transferring funds between your own accounts, understanding your options can save you both time and money. In this article, we’ll explore the best methods for transferring money from Portugal to the US, examine the current exchange rates, and provide tips for making the most of your transaction.

Understanding Exchange Rates: EUR to USD

The exchange rate between the Euro (EUR) and the US Dollar (USD) fluctuates based on various economic factors, such as inflation, interest rates, and geopolitical stability. The rate can vary depending on where and how you make the transfer. In general, banks and money transfer services will provide rates slightly lower than the mid-market exchange rate, and this difference can significantly affect the total amount the recipient gets in USD.

Factors Affecting EUR-USD Exchange Rates

• Economic Stability: Economic indicators such as GDP, inflation, and unemployment rates play a huge role in the strength of a currency.
• Interest Rates: Central banks, including the European Central Bank (ECB) and the Federal Reserve, control interest rates, which influence currency exchange rates.
• Global Events: Political instability, international trade policies, and economic crises can cause exchange rates to shift rapidly.

Best Ways to Send Money to the US from Portugal

There are several ways to transfer money from Portugal to the US, each with its own pros and cons. Here’s a breakdown of the most popular methods:

1. Bank Transfers

Bank transfers are the most traditional method for sending money internationally. While they are generally secure, they tend to come with high fees and unfavorable exchange rates. Many banks in Portugal offer wire transfers to the US, but these services may charge anywhere from €20 to €40 for the transaction, not including the hidden fees built into the exchange rate. Moreover, the exchange rate offered by banks is often worse than what you’d get through specialized transfer services.

2. Online Money Transfer Services

Online money transfer services like Wise (formerly TransferWise), Revolut, and PayPal are growing in popularity due to their lower fees and competitive exchange rates. These platforms often provide real-time exchange rate tracking and allow you to compare different services to ensure you’re getting the best deal.

• Wise: Known for offering the mid-market exchange rate (the fairest rate available) with transparent fees.
• Revolut: Ideal for people who want to manage multiple currencies within one app. Revolut offers competitive exchange rates and low fees.
• PayPal: While PayPal is convenient, its exchange rate margins can be higher compared to specialized services.

3. Money Transfer Apps (e.g., Remitly, Western Union)

Money transfer apps are another reliable option, especially for people who want to send cash to family members or friends. These services often allow you to send money quickly, with options for delivery via bank account or cash pickup. However, they may charge higher fees, especially for instant transfers.

• Remitly: Offers fast delivery with multiple payment methods, though instant transfers come with a premium fee.
• Western Union: A long-established money transfer service with a global reach. While it is highly convenient, the exchange rate can be less favorable.

Finding the Best EUR-USD Exchange Rates

To get the best EUR-USD exchange rate, it’s crucial to compare options before making a transfer. Here are some tips:

1. Monitor Exchange Rate Trends

The EUR-USD exchange rate fluctuates regularly, so it’s a good idea to monitor trends over a few days or weeks. You may notice patterns and find opportunities when the rates are more favorable for sending money. Several financial news websites and currency converter tools can help you stay up-to-date.

2. Consider the Transfer Amount

The amount of money you send can also influence the exchange rate and fees. Some services offer better rates for larger transfers, so if you plan to send a substantial amount, it may be worth looking into bulk transfer options.

3. Compare Fees and Hidden Costs

While some money transfer services advertise low fees, they often hide the actual costs within the exchange rate. Always check both the fee structure and the exchange rate to calculate the total cost of the transfer. Using a service like Wise, which offers a transparent breakdown of fees and exchange rates, can help you make an informed decision.

4. Use Currency Alerts

Many money transfer platforms allow you to set currency alerts, so you’ll be notified when the EUR-USD rate hits a certain level. This can be particularly useful for people sending money on a regular basis and wanting to maximize the value of each transfer.

Experiences of Sending Money from Portugal to the US

In addition to the technical aspects of sending money, many people share their experiences with various services. Here are some common insights:

1. Wise (formerly TransferWise) is a Popular Choice

Many users in Portugal have found Wise to be an excellent option for sending money to the US. With its low fees, transparent exchange rates, and user-friendly interface, it’s no wonder that it has earned a reputation as one of the best services for international transfers. People who have used Wise consistently report receiving the full value of their transfer, without the hidden costs often associated with bank transfers.

2. Western Union: Convenience Over Cost

Western Union is often chosen for its convenience, especially for recipients who prefer to pick up cash in person. However, it’s important to note that the exchange rate margin and fees are typically higher than those offered by services like Wise or Revolut. Still, if speed and convenience are more important to you than cost, Western Union is a reliable option.

3. PayPal: Not Always the Best Rate

PayPal is a widely used service for transferring money, especially when transferring between friends and family. However, its exchange rates can be less competitive than other services. Users often report feeling the sting of PayPal’s markup on exchange rates, which reduces the value of their transfer.

4. Revolut: A Solid All-in-One Solution

Revolut is highly favored by tech-savvy users who appreciate its all-in-one approach to financial services. Beyond currency exchange, Revolut allows you to store multiple currencies, send international transfers, and even manage investments. While its exchange rates are competitive, it’s important to be mindful of the fees for certain types of transactions.

Conclusion

Sending money from Portugal to the US doesn’t have to be a complicated or expensive process. By carefully selecting the right transfer method and keeping an eye on exchange rates, you can ensure that your recipient receives the best possible amount in USD. Services like Wise, Revolut, and Remitly offer excellent options for sending money with low fees and favorable exchange rates, while traditional methods like bank transfers and Western Union provide added convenience for those who prioritize speed. No matter which option you choose, doing your research and comparing services will help you get the best deal.